Grainger targets growth after profit rise
Thu, 20th November 2014

Grainger targets growth after profit rise

By Matthew Ord, Digital Staff Writer

Revenue and profit have both increased at Newcastle-headquartered Grainger as it targets building on its "solid ground for continued growth".

Group revenue was up 12.7 per cent to £319m for the year end 30 September 2014, compared to £283m for the same period the year before.

Pre-tax profit also increased 26 per cent to £81.1m from £64.3m for the year before.

Andrew Cunningham, chief executive of Grainger, said margins on sales at the company have increased, while the value of its portfolio has also risen faster than the general market.

"We continue to believe that the supply-demand dynamics of the housing market, and the gradual improvement in the economy and employment market will ensure we remain in a positive house price environment, which will include improvement in those regions with strong economic prospects outside of London and the South East," added Cunningham.

In his final statement as chairman, Robin Broadhurst said the company is on "solid ground for continued growth".

Ian Coull, chairman at Galliford Try from 2011 to September 2014, will take over from Broadhurst in February 2015 when he retires.

Cunningham added that Grainger has had an "encouraging start to the new financial year" and is "confident of delivering good levels of profitability in 2015".

Broadhurst added: "I will miss being part of the company, but I know that it is also on solid foundations to achieve even greater things."

Article by
Matthew Ord

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category North East  |  source Insider Media